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On a quiet news day, Vukile Property Fund announced it could not agree terms on a deal that would have secured a sizable base in the UK, while Reinet saw an increase in its net worth. In international news, Toyota and mid-sized Japanese automakers Subaru and Mazda are each working on developing new engines to align with electrification.
Vukile Property Fund, which owns shopping malls in Spain and South Africa, The company said on Tuesday it does not intend to make a formal takeover bid for British shopping centre owner Capital & Regional. In early May, the company confirmed it had submitted a non-binding indicative offer for a possible cash and share takeover bid for all of the issued and to be issued shares in London-listed C&R, which would create a group with a combined portfolio of about R50 billion. Vukile has not been able to reach agreement with C&R's controlling shareholder, Growthpoint, on the terms and structure of the takeover bid. In afternoon trading on Tuesday, Vukile was up 1.5%, up more than 25% in the past year. C&R was up almost 5%, up a third in a year.
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